Welcome to the last week of January.
NYMEX natural gas has seen a massive sell-off across the board, but especially in the February contract (down almost 40 cents US), which only has a couple days of trading left (expires on the 29th).
Why the sell off? It is possible that many traders got long in their positions at the end of last week but as the forecast turned warmer over the weekend, are now selling.
Eyes are now shifting to the March contract, the last contract of the 2024-2025 winter season, which closed at $3.25 US/mm.
